Outsourcing giant Serco has bolstered its public sector business through the £55m bolt-on acquisition of Vertex Public Sector. Vertex provides middle and back-office support for clients that include Westminster and Thurrock councils and central-government departments such as Child Maintenance and Enforcement Commission, and Job Centre Plus.
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The price paid looks fair as Vertex produced £8m of adjusted operating profit on revenues of £110m in its latest financial year. "The acquisition enhances the range of services we offer to the UK public sector as they seek to reduce costs while continuously improving outcomes for citizens", says chief executive Christopher Hyman.
